Show Notes with links:
Toyota is set to extend its partnership with Subaru by manufacturing a three-row Subaru EV crossover in Kentucky by 2025.
- The final assembly location and battery sourcing could potentially qualify both vehicles for the full $7,500 federal tax credit under the Inflation Reduction Act.
- The joint development and production strategy allows Subaru to introduce a larger EV while maintaining high-speed operations at its U.S. assembly plant in Lafayette, Ind.
- Toyota has announced investments of $5.9 billion in its North Carolina battery plant, where it will operate six battery production lines, four for hybrid vehicles and two for electric vehicles.
- Toyota aims to release 10 EV models globally by 2026 and has committed to investing over $37 billion in EV development and production through the end of the decade.
Ford is ramping up the production of its F-150 Lightning electric truck, aiming to triple the production rate in a bid to test the readiness of mainstream U.S. truck buyers to switch to electric vehicles.
- Ford has restarted the assembly of its F-150 Lightning electric truck and is aiming to reach a 150,000-vehicle annualized production rate by October.
- To support this increase, Ford has added 1,200 workers to the Lightning assembly system and plans to operate it on a three-shift work rotation.
- Half of the new orders for the Lightning are for the XLT model, the middle of the vehicle's lineup starting at $54,995.
- To support increased Lightning production, Ford will focus sales efforts on "attracting more traditional customers, or the early majority," according to Marin Gjaja, chief customer officer for Ford's Model-e electric vehicle business.
Joining retailers like Target and Kroger, Walmart is expanding its in-store advertising, allowing brands to buy spots on self-checkout screens and other areas in the store. This includes third-party ads on screens in self-checkout lanes and TV aisles, radio spots, and product sampling at demo stations.
- Retail media, marketing to shoppers based on customer data, is becoming a substantial revenue stream for retailers. It is expected to be a $45 billion industry this year, up 20% from the prior year.
- Advertising still constitutes a small part of Walmart's overall revenue. Its global advertising business hit $2.7 billion in the most recent fiscal year, which is less than 1% of Walmart's total annual revenue.
- 90% of Americans live within 10 minutes of a Walmart store, and 139 million Americans shop in store or online every week.
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